There are significant differences between playing in an Omaha Hi/Lo (also known as Omaha 8 or Better) cash game and an Omaha Hi/Lo tournament. When you run out of money in a cash game, you can always reach back into your wallet or go hit the ATM machine to replenish your stack. Once you're out of chips in a tournament, your play is done. This article is going to give you a few tips on how to play an Omaha Hi/Lo tournament.
Tip #1 – See more flops early. In a tournament, you will often start with a very deep stack relative to the blinds. Your goal during these stages should be to accumulate chips and the way you do this is by seeing as many flops as possible and playing smart post-flop. Go ahead and speculate in those multi-way raised pots with hands like 2-3-6-7 double suited. Yes, you're probably going to lose some bets seeing a lot of flops, but your goal is to lose a few small ones and win the big ones.
Tip #2 – See less flops late. On the same token as tip #1, however, you need to tighten up considerably later in the tournament when the blinds have increased. Typically in the middle to later stages of a tournament, a player will have somewhere between 10-20 big blinds. It only takes a few hands to see that stack size dwindle down to nothing and you find yourself out of the tournament. Play the premium hands and hands you can see cheaply in position.
Tip #3 – Know where you stand in relation the field. When it starts to get near the money, know how your stack size shapes up to the remaining players. If you are short stacked but can get into the money without playing a hand, avoid all but the best of situations.
Tip #4 – when the stacks are shallow, be aggressive. Early on, passive play like limping and calling is often correct. Late, when people's stacks are short in relation to the blinds, it's much better to attack with a raise. Raises are much more effective when a person only has 10 big blinds as compared to when they have 50.
Tip #5 – make sure to adjust to short-handed play. Late in a tournament, you will often find yourself at a five to seven handed table. With this in mind, you need to open up the hands you are willing to play. A hand like A-4-x-x that might be completely unplayable at a full table, becomes a big hand at a five handed table.